CASE STUDIES

Estate and Business Succession Planning

We represented a single client with minor children that wanted to ensure his operating business continued to provide income to his family after his disability and death. The client also wanted the business to avoid probate and continue for his children. 

We implemented a revocable trust-based estate plan and updated the client’s corporate documents to avoid probate, set the client’s children up for success, and arranged for key employees to be compensated for their roles in carrying out the client's succession plan.

Estate and Tax Planning

We used revocable trusts with marital deduction and dynasty provisions to reduce taxes and transfer assets to future generations in an efficient manner.

We structured the management and equity in the business to carry out the clients’ goals, including avoiding probate and ensuring the future success of the business. We also used limited liability companies (LLCs) to isolate the clients’ passive assets from the clients’ operating business.

Asset Protection Planning

VanNess Law PLLC has represented countless entrepreneurs with substantial rental real estate, securities, cash, and operating businesses to isolate passive investments from liabilities created by operating businesses using LLCs, LPs and APTs amongst numerous other strategies.

These plans are designed to protect the client’s assets while providing the client with maximum control and flexibility over their assets.

Estate Tax and Asset Protection Planning

We represented a business owner to restructure 30+ business organizations owned by Spousal Lifetime Access Trusts (SLATs) valued prior to restructuring at an estimated $600m+.

The restructure allowed for greater creditor protection and operational efficiency. We also modified the SLATs (via decanting) so the trusts could continue to carry out the clients’ goals.

Estate Tax Planning

We represented a client with substantial assets that wanted to reduce their exposure to federal estate taxes. We tailored an irrevocable grantor trust with dynasty provisions to achieve the client’s goals.

The trust provides as much flexibility as possible while achieving the client's tax and asset protection goals. We also filed the IRS Form 709 to report the gift to the trust.

Income and Estate Tax Planning

We represented clients with a Charitable Remainder Trust (CRT) funded with $18m. We modified the trust to meet the clients’ goals and formed a Private Foundation (PF) to be the remainder beneficiary of the CRT.

This strategy resulted in a multi-million dollar income tax deduction, carried out the clients’ desire to provide for charity, provided the clients income during their lifetimes, and eliminated estate tax on the clients’ deaths.

Modification to Irrevocable Trusts

We represented a client with 3 irrevocable trusts and 10+ LLCs. We modified the irrevocable trusts and structure of the LLCs to reduce taxes, operate efficiently, protect assets against lawsuits, and provide a legacy for the client’s family.

Tax Planning for Business Owners

We represented owners of a high growth business to minimize the clients’ exposure to federal estate taxes. We sold the equity in the business to an irrevocable trust for the benefit of the clients’ families at a discounted value.

This strategy allowed all future appreciation in the value of the business to avoid federal estate taxes.

Complex Probate and Trust Administration

We represented the Personal Representatives and Trustees of an estate of an individual with numerous trusts, 60+ businesses, a private foundation, and a blended family.

We efficiently administered the estate, managed the family dynamic, and helped carry out the decedent’s goals all the while protecting the interests of the Personal Representatives and Trustees.